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How to Apply for your Capitec Bank Business term loan
Capitec Bank offers tailored business term loans with personalized amounts and interest rates based on factors like financial health and creditworthiness. With flexible repayment terms of up to 60 months, it caters to various business needs, from expansion to debt consolidation and operational improvements.
Capitec Bank Business term loan simulation
There is no exact information found on the official website. The loan amount and fees depend on the business and the amount of finance you need. The interest rate is competitive and linked to the prime rate. You can call them to learn about your customized repayment amount or submit your information on their website. An expert relationship banker will contact you soon.
Prerequisites
To have this loan, some criteria must be met. To be qualified for this loan you must have to hold a Capitec Business account and complete a minimum of 2 years of business operation.
Transaction nature and the amount of finance may influence the document requirements for this loan. But most often you may require some or all of the following documents:
Signed financial information including:
- Latest annual financial statements;
- Management accounts not older than 3 months;
- Personal assets and liabilities statement;
- Personal income and expenditure statement.
Some other documents may also require:
- Latest 6 month’s bank statements if you are new with Capitec Bank.
Capitec may require some sort of guarantee or security. It depends on the loan and transaction types and the financing amount required by the business. It may require guarantee or security such as:
- Personal suretyships;
- Bonds over moveable;
- Fixed property;
- Investments;
- Any other additional security may apply.
About the Capitec Bank
Capitec Bank is a renowned retail bank in South Africa that serves both individuals and businesses. It follows a business model that focuses on providing customer value. Capitec Bank provides low costs, customizable transactions, and offers the highest interest rate.
The bank was established on 1 March 2001 and became the second-largest retail bank in South Africa in 2017 based on the number of customers. It is estimated that approximately 120,000 customers open new accounts per month.
Jannie Mouton, Michiel Le Roux, and Riaan Stassen founded Capitech Bank and listed it on the JSE on 18 February 2002. The company proves its success by ensuring continuous growth.It is a highly reputed bank in terms of customer satisfaction.
As of April 2024, Capitec Bank is operating with 15,451 employees and 860 branches. Currently, It has over 20 million active clients. Mastercard and Visa are the international payment partners. It is headquartered in Stellenbosch, South Africa.
Step by step to take out the loan
The first requirement for getting this loan is you must have to hold a Capitec Business account. So, the first step will be opening a business account, if you do not have one.
Then click on the Get in Touch button and you will get an application form. You have to submit the necessary information such as:
Business Type;
- Name;
- South African ID;
- Phone Number;
- Email;
- The loan you want to take ;
- Address;
- Total annual income of your business.
After you submit your information, a relationship banker will contact you to help you open a business account and then you can apply for the loan.
Positives and negatives of the loan
Positive sides of this loan:
- An expert will assist you throughout the process;
- The interest rate is market-based. So, it can be lower on market demand;
- Comes with a flexible repayment term of up to 60 months.
Negative sides of this loan:
- Have to submit a lot of documents;
- Have to complete a minimum of 2 years of business operation;
- Guarantee or security may be required.
What other types of loans does the bank offer?
You can grow your business with easy access to credit from Capitec Bank. Besides business term loans, Capitec has some other credit offerings for business. Those are:
- Instant Overdraft: With a Capitec business account you will get a business overdraft of up to R250 000. The quick approval process ensures instant access to the funds.
- Vehicle and Asset Finance: Purchasing business assets can ensure business growth. Capitec Bank has a financial solution for different business assets such as passenger vehicles, light to heavy commercial vehicles, machinery, equipment, and more.
- Property Finance: To purchase a building, commercial property, or business property acquisition, Capitec Bank has customized finance solutions for you. This financial solution covers up to 70% of the property value and negotiable repayment terms of up to 10 years.
Capitec Bank gives you easy access to credit for business whenever you need it. All the credit options are there to help you grow your business.
Fees & fees
There is no information given on the fees on their website. All the fees may vary based on your business profile and credit demand.
The interest rate is competitive and linked to the prime rate. If the interest rates go down in the market, your monthly payment will follow the same.
You can contact them for assistance. An expert banker will let you know about the fees.
Customer service
Capitec Bank separated customer service for personal banking and business banking solutions. For personal banking call them at 0860102043, and for business banking call them at 0860309250 or WhatsApp them at 067 418 9565. They have different divisions to solve different issues.
For Personal banking
Client care center:
- Call them 24/7 at 0860 10 20 43;
- WhatsApp at 067 418 9565;
- Email at [email protected];
- Fax them at +27 21 941 0770.
To apply for personal banking credit:
- Call them at 0860 66 77 89;
- Directly call them at 0860 66 77 18;
- WhatsApp them at 072 822 1582, or; send an SMS with your SA ID or foreign passport number to 30679.
Lost or Stolen card complaints or to stop your card’s activities:
- Contact them on WhatsApp at 067 418 9565;
- Message them “Hello”;
- Tapt ‘Main Menu’ and select the Self-service;
- Click on the ‘Options’ button and select the ‘Stop Card option’;
- From the ‘Card List’ select which card you would like to stop.
For Business Banking
For general queries:
- 24/7 available at 0113 02 04 00 or 0860 30 92 50;
- Email them at [email protected];
- The business banking relationship suite contact no is 0860 30 92 50, available; from Monday – to Friday from 6:30 am to 7 pm and on Saturdays from 8 am to 12 pm.
The headquarters of this bank is at 5 Neutron Rd, Techno Park, Stellenbosch, 7600, South Africa. Capitec has nationwide branches where you can find your nearest branch.
App
Capitec Bank allows online banking services and most of the banking activities can be done with the app. There are two different apps for personal and business users and those are available in Apple Store, Play Store, and Huawei App Gallery. You can visit their website to download personal banking and business banking apps.
